True Potential has launched a cash savings service to support clients in managing and monitoring cash savings alongside existing investments.
Developed in association with Bondsmith, the True Potential Cash Savings service provides simple online access to savings accounts from more than 20 UK banks, making switching to competitive rates easier.
True Potential highlighted figures from the Bank of England showing that more than £300bn is sitting in accounts earning no interest in the UK.
“Based on this figure, and the average instant access savings rate of 2.11% – including bonus – this could equate to around £6.4bn in potential returns being lost each year in a higher interest rate environment,” the UK wealth manager said.
Jamie Sexton, chief client officer at True Potential, said: “Clients often hold cash for good reasons, such as flexibility, short-term goals and peace of mind. But, that doesn’t mean it should sit idle.
“True Potential Cash Savings makes getting better returns easy, while ensuring cash plays a prominent role in a client’s overall financial plan. With a single application, clients can open multiple accounts, move money easily and stay on top of their savings – helping them diversify across banks and maximise FSCS protection.
He added: “For advisers, the impact is equally significant. Cash, which is often held outside the advice ecosystem becomes visible, trackable and actionable. That creates a natural starting point for deeper conversations, stronger relationships and better financial outcomes.”
